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Combined company will offer a broad range of alternative investment solutions tailored to both institutional and individual investors
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Highly complementary investment and sales capabilities expected to leverage continued demand for alternatives and drive growth
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Deals structured to maintain Portfolio Advisor autonomy, quality investment teams, and investor alignment
Philadelphia and Darien, Connecticut., February 2, 2023 /PRNewswire/ — FS Investments, a pioneer in the democratization of alternative investments, $35 billion Portfolio Advisors $38 billion announced today that it has reached a definitive agreement to combine the two companies. After the merger, the company will $73 billion This includes a significant permanent capital base and a robust distribution platform. FS Investments and Portfolio Advisors meet the growing demand of investors for alternatives by offering a range of alternative investment solutions for both institutional and individual investors.
Michael ForemanFS Investments Chairman and CEO commented: Enrico Garioti When Mike Kelly, to identify ideal strategic partners. The transaction is transformative for FS Investments, expanding its institutional client base, diversifying its offering to include growth-oriented products such as private equities, and accelerating its efforts to deepen its internal investment capabilities. increase. The combination also strengthens our financial profile, diversifying our revenue streams and allowing us to invest in further growth. ”
Brian Murphy, co-founder of Portfolio Advisors, added: This combination offers a unique opportunity to extend reach, launch new strategies and drive growth while providing continuity for top-notch investment teams and institutional investors. ”
Founded in 1994 to serve institutional investors, Portfolio Advisors offers a range of innovative investment solutions across private equity, private credit and private real estate. The firm manages a wide range of strategies including direct investment, secondary investment, primary investment, junior and senior credit. Portfolio Advisors also provide institutional clients with customized discretionary and non-discretionary portfolio management across core strategies. Most recently, Portfolio Advisors launched the MVP Private Market Fund. $500 million Built for both wealth management and institutional clients.
FS Investments was founded in 2007 with a mission to provide retail investors with access to alternative income streams and growth previously only available to large institutions and the ultra-high net worth individuals. Today, the firm offers a range of alternative strategies including private credit, real estate credit, opportunistic credit, structured credit, liquid credit, liquid alternatives, and various fund structures including business development firms, non-trading REITs, interval and closed-end. managed over. and mutual funds. FS Investments distributes funds through an extensive wealth management distribution platform with hundreds of distribution agreements across wirehouse, RIA and independent broker/dealer channels. In recent years, the firm has also launched an internally managed, institutional-focused credit strategy using CLO and drawdown structures.
Strategic rationale
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The combined firm will have a well-diversified set of investment capabilities across alternative asset classes and strategies, including private equity, private and liquid credit, private real estate and liquid alternatives.
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The combined company will serve institutional and wealth management clients around the world and combine Portfolio Advisors’ extensive institutional client network and international sales capabilities. North America, Europe When Asia FS Investments’ broad wealth management distribution spans wirehouse, RIA and independent broker-dealer channels.
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FS Investments expands access to Portfolio Advisors’ wealth management channel, offering near-term opportunities to Portfolio Advisors’ MVP Private Markets Fund and feeder funds of other Portfolio Advisors strategies.
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FS Investments and Portfolio Advisors grow existing business lines while exploring new opportunities to realize their shared vision of offering a complete suite of alternative investments to both institutional and wealth management clients I hope that.
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The company after the merger $73 billion Assets under management and a strong financial profile, including a large permanent capital base, strong margins and diversified income streams, positions us well for growth.
transaction details
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Portfolio Advisors will become the institutional investment arm of FS Investments and will continue to operate as a full complement of employees and offices. Darien, Dallas, London, Zurich, Hong Kong When Singapore.
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Executives from FS Investments and Portfolio Advisors will be represented on both organizations’ Senior Leadership Committees.
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The transaction is expected to close in the first half of 2023, subject to applicable regulatory approvals and other customary closing conditions.
UBS Investment Bank acted as lead financial advisor, Cravath, Swaine & Moore LLP acted as principal legal advisor to FS Investments, and Dechert LLP acted as special regulatory advisor. Goldman Sachs & Co. LLC and Mizuho Americas also acted as financial advisors to his FS Investments. Moelis & Company LLC acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal advisor to Portfolio Advisor on this transaction. Schulte Roth & Zabel LLP is acting as Special Regulatory Advisor. Terms of the deal were not disclosed.
About FS Investments
FS Investments is a leading asset management firm dedicated to helping individuals, financial professionals and institutions design better portfolios. The company provides access to alternative income streams and growth, and focuses on setting industry standards for investor protection, education and transparency. FS Investments has 350 employees and is headquartered in Philadelphia, Pennsylvania, with offices in New York, NY; Orlando, Florida; and Leawood, Kansas.
About Portfolio Advisor
Portfolio Advisors, LLC is a middle market private asset management specialist that builds value for clients and partners through various investment programs in private equity, private credit and private real estate. The firm’s customized approach to private markets investments has led to high investor retention rates and broad recognition in the institutional investment consulting space.Head office location Darien, ConnecticutPortfolio Advisors has over 130 employees worldwide and other offices Dallas, London, Zurich, Hong Kong When Singapore.
contact address
Sarah McCarthy
media@fsinvestments.com
Ryan McDougald / Elizabeth Lake (FGS Global)
fsinvestments@fgsglobal.com
Portfolio Advisor Client Relations
clientrelations@portad.com
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